Save Article

Behind Citigroup Departures:
A Culture Shift by CEO Prince

His New Focus on Controls,
More-Bureaucratic Style
Spur Exits at Top Level

By

Monica Langley Staff Reporter of THE WALL STREET JOURNAL

Updated Aug. 24, 2005 12:01 a.m. ET

On Sunday night July 10, the No. 2 executive at Citigroup Inc., Robert Willumstad, phoned his mentor Sanford Weill with big news: He planned to quit.

Mr. Weill, the man who built the banking giant, didn't try to dissuade him, according to a person familiar with the call, and said that he understood. Two weeks later, Mr. Weill himself tried to bolt Citigroup, attempting to surrender his post as chairman.